What our loan clients think about us
Orange Finance Broker Perth Experts
We’ve made getting finance easier. First of all, we want to make the process of getting finance as easy as possible. Remember, above all, we work for you and not the bank!
If you are looking for a local mortgage and home loan broker, we are an owner operated business based in North Perth. If you want experienced, tailored and thoughtful advice in obtaining a home loan, Orange Mortgage and Finance Brokers can help. Getting a home loan can be made easy with the right approach and advice.
You could definitely arrange a home loan yourself but why would you want to when you could get someone else to do it at no cost to you and who can also save you money too!
Our Online Mortgage & Home Loans Process
We’ve made as much of our process online as we can, as a result, it means a quicker process for you. Visit our Home Loan Types page to find the right loan for you.
We offer the following mortgage types depending on your property purchase needs:
- First Home Owner Loans
- Refinancing Home Loan
- Construction Loans
- Investment Loans
- Parental Guarantees
- New Arrival Home Loans
- SMSF Mortgage
- Home Upgraders
Because not many people like sitting on hold on the bank’s customer support line or having to go to a branch a number of times, our job is to do all the research for you, speak to the bank (and yes this means sitting on hold), see if we can get the bank to improve on their interest rate, put in the application and see it all the way to settlement.
We’ll obviously keep you informed along the way via phone or email. Once settlement has occurred, some brokers think that is the end of the relationship but we like to think it is really the beginning. Specifically, we will try to make contact every 12 or so months to make sure you are still happy with your bank and your personal circumstances haven’t changed. Consequently, every two or three years, we’ll review your situation and make sure we can’t get you a better interest rate either with your currently lender or a new one.
New federal First Home Loan Deposit Scheme (FHLDS) – update July-2021 – First Home Buyer Finance
As part of the last election campaign, the federal government announced a new deposit scheme for first home buyers to help them purchase a home sooner. As a result, since 1-Jan-2020 only 2 lenders have been allocated units to the scheme but as of 1-Feb-2020, the scheme will be open to 27 lenders. Effectively, the federal government will be the LMI provider for Nil cost assuming first home buyers have at least 5% deposit. More information can be found here.
As of 1-July-2021 the government has released another 10,000 FHLDS units applicable for established homes and also increased the maximum total house price applicable. For WA this has been increased to $500,000 in Perth and $400,000 in regional WA. https://www.nhfic.gov.au/what-we-do/fhlds/property-price-thresholds/
The New Home Guarantee which is for building has been extended with an additional 10,000 places available from 1 July 2021 to 30 June 2022. The increased new building cap has increased to $550,000.
10,000 Family Home Guarantees which is for single parents will be made available over four financial years from 1 July 2021 to 30 June 2025.
Mortgage Broking FAQs
We’ve come across many questions when dealing with our loan clients and hope to answer a few of the more common ones here…
What is a mortgage broker?
The mortgage broker acts as an intermediary between the client and the lender in terms of home loans and the mortgage process. The mortgage broker works with you, the client, to find the right kind of home loan that works within your financial budget and works within the type of home that you need.
What does a mortgage broker do?
The broker will primarily make sure you can afford the loan and that also assumes you can afford the loan at higher interest rates. They will then find you the cheapest interest rate on the product which meets your needs. We usually set up a time to meet so you can ask as many questions as you like. They will then collate all the information, package an application how the lender wants to see it and then submit the application on your behalf. In most cases, the assessor will then have a number of questions related to your documentation which we help with. After the approval is given, we’ll help you sign up the loan documentation and go over it with you to make sure they are completed correctly to get ready for settlement.
Is it worth using a mortgage broker?
Working with a mortgage broker is most beneficial to you as the broker will do all of the legwork on your behalf in terms of researching the best lender to go with in your unique financial situation. If you had to do the research yourself, you would be saddled with making multiple phone calls, inquiries, and possible travel to each lending institution directly.
You would also spend time and money on making multiple copies of the proper paperwork that you would need for each lender. Using a mortgage broker eliminates the extra time and expense and instead, the broker will receive payment in form of a commission for their time and expense in getting the deal done between the lender and yourself.
Are mortgage brokers better than banks?
Banks are very singular and have a mostly “take it or leave it” approach when it comes to offering home loans. There is usually no wiggle room for the client to negotiate with a bank, you may have a little bit of room if you’re a client of the bank itself, but otherwise, the opportunity to barter for a better rate is slim to non-existent.
On the other hand, the mortgage broker works for you and tries to get you a better rate and is more willing to press for a better rate on your behalf.
Do mortgage brokers charge a fee?
At Orange Mortgage and Finance Brokers, in most cases we don’t charge you a fee. In some cases, if the loan amount is small e.g. under $150,000, we might have to charge you a fee but we will tell you when that is the case.
We also let you know that we are not biased toward any lender. Regardless what lender we use, our commission is almost the same, provided we use one of the “big 15”. It means that you wouldn’t save any money by approaching the lenders yourself, because they simply take the commission that they would have paid us.
We also have an open book policy. When we make our recommendations with at least 3 different lenders shown, we show you what they would all pay and you will see, there is little (if any) difference between them.
What does a mortgage broker need from me?
The mortgage broker will usually ask for documents and ID that will both verify your income and verify that you are a legal resident of Australia. These documents are: a valid identification card with your photo on it, such as a driving license or valid passport. All lenders are different and some require more documentation than others but in general, pay slips, bank statements, other liabilities statements such as credit cards etc. are typically what is required to submit an application.
How do mortgage brokers make their money?
The mortgage broker makes their money by being paid a commission by the lender.
What is the difference between a mortgage broker and a mortgage lender?
A mortgage broker works as a “finder” for lending institutions to find clients who need lending services. Think of it this way, clients in search of a home need lending services, lending institutions need clients to borrow money from them to purchase homes. This is where the mortgage broker comes into play and tries to pair clients with lenders to facilitate home loans to help out both.
A mortgage lender is the lending institution that was referenced in the above paragraph. Mortgage lenders don’t go around scouting for clients as that’s what mortgage brokers do. Mortgage lenders have the much-needed capital sought out by clients to purchase homes with.
Why choose a mortgage broker over a bank?
Freedom of choice and freedom of networking, these are two major advantages that a mortgage broker holds over a bank. A bank is limited on who and what they can lend out and lend to in terms of risk. The higher the risk for the bank, the less chance that the bank will approve the loan request or they’ll approve the loan but with added assurances for the bank such as higher interest rates and bigger down payment required from the client.
A mortgage broker has the freedom to select from a lengthy list of lending institutions that work within a wide range of creditworthiness for clients of all walks of financial life. You are more likely to find a better lending rate through a mortgage broker versus going through a bank.
How can Orange Finance make the home loan application process simple?
Orange Mortgage & Finance Brokers utilize the most state-of-the-art systems and algorithms to match up clients with lending institutions to get the best rate possible and the best chance for having your loan approved.
We start with a consultation with one of our representatives to get a better sense of who you are and what financial goals you have. We’ll get the proper paperwork in order from you during the consultation and get the process started in finding the right lender for you. We’ll provide updates during every step of the process until final approval of your home loan.
We have many 5-star ratings on Google from satisfied customers, you can read their feedback to get a better sense of who we are as a company and our mission statement. Contact us at Orange Finance today to discover how easy it is to apply for a home loan with no hassles.